The Chart of the Day is On Assignment (ASGN). I sorted the All Time High list, which was extremely short today, for new high frequency in the last month. I skipped the stock that didn’t have positive gains for the last week and month, then used the Flipchart feature to review the charts. Since the Trend spotter signaled a buy on 2/20 the stock gained 16.24%.
ASGN, through its first operating division, Lab Support, is a leading nationwide provider of temporary scientific professionals to laboratories in the biotechnology, pharmaceutical, food and beverage, chemical, and environmental industries. The company’s strategy is to serve the needs of targeted industries for quality assignments of temporary professionals.
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Barchart’s Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
Barchart technical indicators:
- 80% Barchart technical buy signal
- Trend Spotter buy signal
- Above its 20, 50 and 100 day moving averages
- 11 new highs and up 14.90% in the last month
- Relative strength Index 69.95%
- Barchart computes a technical support level at 36.10
- Recently traded at 37.90 with a 50 day moving average of 32.94
Fundamental factors:
- Market Cap $2.04 billion
- P/E 26.83
- Revenue expected to grow by 15.80% this year and another 9.70% next year
- Earnings estimated to increase 20.70% this year and additional 17.80% next year and continue to increase at an annual rate of 13.99% for the next 5 years
- Wall Street analysts issued 5 strong buy, 5 buy and a hold recommendation on the stock
As more companies move toward temporary or part time employees to contain labor costs this looks to be a growing field. Use the 50 day moving averages for weakness signals and the 100 day moving averages for profit preservation points.
